INTERNAL CONTROL EVALUATION SSAE 16 REPORT
- AUDITS & ASSURANCES
- BANKING AND FINANCE
A common concern in business is whether adequate checks and balances are in place to assure that transactions are properly recorded. In the early stages of a business' life cycle, a business owner is often able to keep a watchful eye. As a business grows, adding new employees, products, and services, it becomes increasingly difficult to maintain that same level of personal oversight.
Statement on Standards for Attestation Engagements (SSAE) No. 16, Service Organizations, is a widely recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA). A service auditor's examination performed in accordance with SSAE No. 16 ("SSAE 16 Audit") is widely recognized, because it represents that a service organization has been through an in-depth audit of their control objectives and control activities, which often include controls over information technology and related processes. In today's global economy, service organizations or service providers must demonstrate that they have incorporated adequate controls and safeguards when they host or process data belonging to their customers. SSAE No. 16 is generally applicable when an independent auditor ("user auditor") is planning the financial statement audit of an entity ("user organization") that obtains services from another organization ("service organization").
"We can't solve problems by using the same kind of thinking we used when we created them."- Albert Einstein
On behalf of a significant number of companies in a variety of sectors, Chugh CPAs, LLP's team has documented, evaluated, and strengthened internal controls through innovative thinking and experience. We bring to each challenge a wealth of industry and public accounting experience and our professionals apply "best practices" towards the development of an organization's policies and procedures. The resulting system of checks and balances protects a company's assets so that owners can forge ahead with confidence.
We also conduct the SSAE 16 audit of service organizations. A Service Auditor's Report helps a service organization build trust with its user organizations (i.e. customers). Through the SSAE 16 Audit, we ensure that all user organizations and their auditors have access to the same information and in many cases this will satisfy the user auditor's requirements as well.
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